diff --git a/matlab/perfect-foresight-models/make_ex_.m b/matlab/perfect-foresight-models/make_ex_.m
index 4f72590484e4ee29f34fb652998f8c04792476ca..4c8853e86aeda9f9487abb2009cc418ee4e5a113 100644
--- a/matlab/perfect-foresight-models/make_ex_.m
+++ b/matlab/perfect-foresight-models/make_ex_.m
@@ -74,7 +74,7 @@ if isfield(M_, 'det_shocks')
             if ~M_.det_shocks(i).multiplicative
                 oo_.exo_simul(k,ivar) = v;
             else
-                oo_.exo_simul(k,ivar) = oo_.exo_simul(k,ivar) * v;
+                oo_.exo_simul(k,ivar) = oo_.exo_simul(k,ivar) .* v;
             end
         else
             if ~M_.det_shocks(i).multiplicative